소셜벤처의 이중가치(경제적 vs. 사회적 가치)와 벤처투자가의 해석수준이 소셜벤처 투자의도에 미치는 영향 = The Effects of the Dual Values(Economic value vs. Social value) of Social Venture and the Venture Capitalist’s Construal Level on the Investment Intention

국문 초록 (Abstract)

본 연구는 벤처투자가 관점에서 두 개의 가치(경제적 가치 vs. 사회적 가치)가 존재하는 소셜벤처에 대한 투자행동을 행동심리학 측면에서 분석하는데 목적이 있다. 특히, 해석수준이론(construal level theory)은 의사결정자들의 판단 방법이나 스타일에 따라 동일한 상황에서도 다른 결정을 내린다는 점을 설명한다. 이 이론을 적용하여 본 연구는 3개의 가설을 설정하여 2*2 실험설계를 진행하였고, 실험에는 금융기관의 투자심사역 및 엔젤투자자 그리고 공공부문 창업담당자 등 145명이 참여하였다. 분석결과, 소셜벤처 유형에 따라 투자의도에 미치는 영향은 유의하지 않았으나, 소셜벤처 유형(A vs. B)과 벤처투자가의 해석수준(low vs. high)이 투자의도에 미치는 상호작용효과가 유의하게 나타나서 소셜벤처 유형이 투자의도에 미치는 영향에 있어서 벤처투자가의 해석수준에 따라 다르다는 것이 확인되었다. 즉, 상위수준의 벤처투자가는 경제적 가치가 우선하는 소셜벤처에 대한 투자의도가 높았고, 하위수준의 벤처투자가는 사회적 가치가 우선하는 소셜벤처에 대한 투자의도가 높게 나타났다. 또한 소셜 임팩트의 긍정적 정서의 매개효과 검증을 위해 SPSS Process Macro Model 5를 이용하여 간접효과 유의성을 검증하였으며 정(+)으로 유의하게 나타났다. 이러한 결과는 사회적 가치를 우선 제공하는 소셜벤처에 대해 벤처투자가는 소셜 임팩트에 대한 긍정적인 정서가 유발되고 이는 중요한 심리적 기제로 작동되어서 투자의도가 높아지는 것으로 해석된다.

다국어 초록 (Multilingual Abstract)

The purpose of the study is to analyze the venture capitalists intention to invest in social ventures with the two different values (i.e., economic value vs. social value) based on the behavioral psychology. In particular, the construal level theory explains that decision-makers make different decisions under the same circumstances, depending on how they judge or style. Applying this theory, this study conducted 2*2 experimental design with three hypotheses, and The experiment involved 145 people, including fund managers in private investment institutions and the public sectors, as well as angel investors. As a result of the analysis, the impact of social venture types on investment intentions was not significant. However, the interaction effect of social venture types (A vs. B) and construal level (low vs. high) of venture capitalists on investment intentions was statistically significant. Therefore, it was confirmed that the impact of social venture types on investment intentions depends on the level of construal of venture capitalists. In other words, high-level construal venture capitalists were highly willing to invest in social ventures with the economic value as higher concepts and social values as lower concepts, while low-level construal venture capitalists were highly willing to invest in social ventures with social value as higher concepts. In addition, we found the significant the mediation effects of the positive affect of the social impact on the invest to the social venture, using the Process Macro Model 5. Consequently, the social venture are more likely to increase the positive affect due to the higher social impact, in turn the positive affect increase venture capitalists’ investment intentions.

목차 (Table of Contents)

• Ⅰ. 서론 Ⅱ. 이론적 배경 Ⅲ. 가설설정 및 연구모형 Ⅳ. 연구방법 Ⅴ. 연구결과 Ⅵ. 결론 및 시사점 참고문헌 Abstract

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